My take on it:
I think learning how to personaly type the algorithm, nowadays is a cool party trick, is really fun for the doer, and the observer. But the utility of that has diminished due to ai and agents.
However I think understanding algorithms is extremely important. Knowing why merge sort is faster than bubble sort. That visceral knowledge where you actually took a stack of papers and just sorted them with both algorithms and experienced the difference in speed.
The awareness of how algorithms perform I believe is super important. Having the feeling for that would give one the ability to better choose what to use, and the ability to make an strategic decision on what to use based on true understanding I think is really valuable nowadays.